Yup. I'm privileged to have come into Product from an M&E background.
M&E is all about:
Listing desired outcomes & their metrics.
Hypothesizing outputs (& metrics) that may lead to outcomes;
Listing inputs & expected effects on outputs;
Tracking all 3 constantly.
M&E is all about:
Listing desired outcomes & their metrics.
Hypothesizing outputs (& metrics) that may lead to outcomes;
Listing inputs & expected effects on outputs;
Tracking all 3 constantly.
https://twitter.com/Carnage4Life/status/1410953584594673669
Notice that the tracking is in 3 layers:
Track that inputs, outputs, & outcomes are on target;
Is correlation between inputs & outputs as modeled? If not, inputs must change;
Is correlation between outputs & outcomes as modeled? If not, outputs must change.
Track that inputs, outputs, & outcomes are on target;
Is correlation between inputs & outputs as modeled? If not, inputs must change;
Is correlation between outputs & outcomes as modeled? If not, outputs must change.
Layers 2 & 3 are critical. Ruthlessly testing & evaluating your Growth Hypothesis is as crucial to success as testing & evaluating your Value Hypothesis. But it often gets overlooked.
Does increasing the number of items each customer across the board adds to their shopping cart (output) really increase my sales (outcome)? What's the curve on that? At what volume do I start to see diminishing returns on that strategy?
To answer such a question, you need very granular data on actions, and exhaustive checks against the outcomes. Scrutinise every correlation and non-correlation.
If I've learned one thing, it's that the more data you have, the more some unexpected proxy metrics come to you.
If I've learned one thing, it's that the more data you have, the more some unexpected proxy metrics come to you.
Which isn't to say you should look at the data only.
The data will present you with options to explore. That's the "science". The "art" is in narrowing those choices down with experience and intuition.
The data will present you with options to explore. That's the "science". The "art" is in narrowing those choices down with experience and intuition.
https://twitter.com/villaumbrosia/status/1410976809294995458?s=19
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